Core Insights - The high-end off-road new energy vehicle market in China is experiencing significant growth, with overall sales of off-road SUVs expected to rise by 38.2% year-on-year to 458,000 units in the first half of 2025, and new energy vehicles in this segment seeing a remarkable increase of 112.5%, achieving a penetration rate of over 46.5% [1] - The launch of the M817 model by Mengshi Technology, priced at 319,900 yuan, reflects Dongfeng Motor Group's ambition for transformation and upgrade, with over 10,000 pre-orders within an hour of its announcement [1][2] - The M817 integrates advanced technologies such as Huawei's latest driving and cockpit systems, emphasizing the vehicle's dual functionality for urban commuting and extreme adventures, which is a shift from traditional off-road vehicles [2][3] Market Dynamics - The perception that off-road vehicles are unsuitable for electrification is changing, as companies are overcoming technical challenges and redefining market positioning [2] - The M817 features a unique "five full strengths" approach, which includes comprehensive integration of Huawei technologies, enhancing both safety and luxury while addressing traditional off-road reliability issues [2] - The pricing strategy of the M817, which can drop to around 300,000 yuan with subsidies, positions it significantly lower than traditional luxury off-road models, indicating substantial market potential [2] Company Strategy - Mengshi Technology is positioned as a key player in Dongfeng Motor's transition to a luxury electric off-road vehicle brand, aiming to establish itself as a billion-yuan company [4][5] - Future plans include launching more affordable and smaller models to capture a larger market share, alongside the introduction of modified versions of the Mengshi 917 [5] - The collaboration with Huawei is set to evolve, focusing on comprehensive lifecycle management and tactical cooperation in marketing and product development [5][6] Innovation and Development - Mengshi Technology is actively exploring innovative mechanisms to enhance collaboration with partners, aiming to improve R&D efficiency and create higher value products [6] - The company is entering a strategic offensive phase, focusing on scalable sales and sustainable profitability, while aligning with the broader goals of Dongfeng's autonomous vehicle segment [6]

● 龚梦泽 熊永红 近年来，国内高端越野新能源车市场持续爆发。机构数据显示，2025年上半年，国内越野SUV市场整体 销量同比上涨38.2%至45.8万辆，新能源车细分领域更是同比大涨112.5%，渗透率突破46.5%。头部品牌 如长城坦克、比亚迪仰望和猛士科技的强劲增长，充分验证了当前越野SUV市场已成为汽车行业增长的 核心引擎之一。 在此背景下，日前，猛士科技携第二款车型M817猛攻主流市场，其以31.99万元的起售价发布后，在一 小时内预售订单量破万。这款搭载华为乾崑智驾ADS 4.0和鸿蒙座舱5.0的智能越野新车，映衬出东风汽 车集团有限公司（以下简称：东风汽车）转型升级的雄心。 "猛士M817的推出，是基于用户需求与技术积累的渐进式进化。"东风汽车副总经理尤峥对中国证券报 记者表示，"M817是基于当前市场需求开发的智能越野车，其技术方案经过多轮验证。我们关注的是如 何让技术真正服务于用户需求，而不仅仅是追求概念上的突破。" 高端越野新能源车市场崛起 在很长一段时间里，业内都有观点认为越野车不适合电动化——相比于成熟可靠的内燃机，电机在激烈 驾驶的场景下可靠性存疑。即便是悍马EV，也无法完全复刻自己 ...